Can an estate agent lie about offers?
Buying a property can be nerve-racking… Will your offer be accepted, and will other buyers come forward with offers of their own? There isn’t much transparency around the offer process when buying a home so trust reigns supreme! With that in mind, we ask, can an estate agent lie about offers and what they can tell you?
So, can estate agents lie about offers? The short answer is no.
Firstly, it's important to establish a fundamental understanding of the legal obligations that govern estate agents in the UK. The estate agency industry is regulated by various laws and codes of conduct, such as the Estate Agents Act 1979 and the Consumer Protection from Unfair Trading Regulations 2008. These regulations set clear standards for fair and transparent practices within the industry.
According to these regulations, estate agents are obliged to provide accurate information to both buyers and sellers. Misleading statements or deceptive practices are strictly prohibited. This includes any attempt to fabricate offers, misrepresent property values, or create a false sense of urgency. Estate agents are legally required not to show any bias against any buyers. They have a duty to treat all buyers the same and must not discriminate or threaten to discriminate against a prospective buyer.
Estate agents are legally required to tell potential buyers of other offers on the property but not the offer amount. So, if you’re trying to buy a home and someone else makes an offer, the estate agent must tell you about any other offers.
Nonetheless, the realm of estate agency, like any other industry, is susceptible to occasional lapses in ethical conduct. Some argue that the fine line between embellishment and falsehood can breed misunderstandings.
While the majority of estate agents uphold ethical standards, isolated cases of misinformation and deceit have been reported. To address these concerns, prospective buyers and sellers should adopt a proactive approach. Requesting written evidence of any offers made on a property is advisable.
Whilst you cant help which agent your chosen property is on the market with you do have control over the agent you list your property with to sell. Make sure you use a reputable agent, with a history of excellent service. Read online google reviews and understand who within the office will be dealing with any offers put forward on your property. Talk to that person …. It comes down to whether you trust them and would be happy for them to negotiate what could possibly be your biggest asset.
If you need any help or advice in relation to the above or any other property related issues please reach out. We are here and ready to help.